Robo-advisors are automated online services that provide low-cost asset allocation and portfolio management with minimal human intervention. The emergence of robo-advisors began with a virtual investing game on Facebook that was later taken over by an entrepreneur. Wealthfront is now the largest robo-advisor, managing over $1.5 billion. Robo-advisors target the low-end of the brokerage and financial advisor market by automating asset allocation for lower fees than traditional financial services. Major asset managers and portfolio apps have entered the robo-advisor space, and traditional financial firms like Schwab and Vanguard are developing their own robo-offering services.